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Ohio CUs fin-lit efforts in IColumbus C.E.O.I

COLUMBUS, Ohio (7/27/09)--Ohio credit unions and the Ohio Credit Union League are helping to improve financial literacy by working with educators and students in the classroom, according to Columbus C.E.O. magazine. The magazine noted the Ohio league’s declaration of this summer as the “Summer of Money,” where parents and youth can use the economic recession as a teachable moment about finances (Columbus C.E.O. August 2009). It also discussed the results of a statewide study the league conducted to assess Ohio’s financial literacy problems. The study found that only 10% of adults were aware of places that offer financial education. Nearly 61% of respondents said financial education was very important, but only 23% recognized efforts to encourage financial literacy in their families. About 5% said they learned about money when they were young. Parents thought schools were teaching money concepts, while schools thought parents were teaching them, according to Patrick Harris, Ohio league media relations director. “Students just aren’t getting the information,” he told the magazine. To bridge the financial literacy gap, the league developed a free financial education Website, www.moneyandstuff.info, as a resource for parents and teachers. The article noted that several Ohio credit unions, including BMI FCU, CME FCU, Members First CU and Franklin County School Employees FCU, used MoneyandStuff to teach youth financial literacy concepts. To see the full article, use the link.